Inflation doesn't cause devaluation; it is devaluation. It's an increase in the exchange value of goods to cash.
And whether or not you get "ripped off" by inflation depends on what side of the trade you're on.
Unfortunately, inflation can also occur when too much money floods a system. We see this in the case of college tuition. Giving college loans to anybody with a heartbeat floods the system with money, causing tuition price inflation.
This does happen with countries as well. Every dollar that a government borrows and then spends, is money creation. The act of selling the treasury notes allows them to obtain money today for the promise of paying it back with interest in the future. That new money is spent into the system and much of it takes the form of bank deposits which can then be inflated 10:1.
So is every dollar repayed back to the FED money destruction?
And the problem with this is?
Canada has no reserve requirement. The US value of reserves in the financial system is so high that banks are no longer reserve constrained.
The absolute quantity of money doesn't matter; the supply and demand for the currency does. That's why so many people got it wrong by claiming Quantitative Easing would result in massive inflation.